Rics: Exodus from property market
The Royal Institution of Chartered Surveyors (RICS) has revealed that home sales have reached their lowest levels for 30 years.
In the latest of a slew of damning assessments of the housing market, the professional body found that transaction levels are the lowest they have been since 1978.
The average Estate Agent sold just 17.4 properties each month since March - down on 18.5 in April, though still above the 11.4 level witnessed in the throes of the 1990s downturn.
Analysts say that figures will paint a worrying picture for people looking for property for sale in London, with all the indicators suggesting that the market is now bracing for a long-term downswing.
RICS spokesperson Jeremy Leaf said the situation is so bad it could unleash a wave of economic turmoil. He commented: "While demand remains weak and housing transactions continue to evaporate, there is a very real danger to the wider economy."
Just yesterday it emerged that futures traders in the City are now banking on house prices plummeting by 47.5 per cent in real terms over the next four years.
Published 10th June, 2008
© 2008 Estates IT Limited
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The Royal Institution of Chartered Surveyors (Rics) has revealed that home sales have reached their lowest levels for 30 years.